Icahn ups Take-Two stake to 10.7%

DrewFitzGerald

Activist investor Carl Icahn again raised his stake in videogame developer Take-Two Interactive Software Inc.
TTWO, -0.14%
pushing it to 10.7% of the common stock, noticeably above the 8.7% share held just last week.

Icahn and partners most recently owned 9,693,874 shares of Take-Two after buying 1,007,800 for a total purchase price of $11.2 million, according to a regulatory filing. Mr. Icahn on Monday disclosed his stake had climbed to 9.6% from the 8.7% held days earlier.

Take-Two has posted three straight quarterly losses this year as the broader videogame industry suffers from declining sales at physical stores and rising competition from less-expensive titles. The maker of "Borderlands 2" and the "Grand Theft Auto" series has also struggled with delayed game launches.

Mr. Icahn has gained a reputation for agitating a wide range of companies to change their strategies, sometimes pushing boards to shed businesses lines or sell their company to a larger bidder. Netflix Inc.
NFLX, +0.46%
this week adopted a "poison pill" plan to prevent him from expanding his nearly 10% stake in the Los Gatos, Calif. company. Mr. Icahn suggested in an interview with The Wall Street Journal he might seek buyers for Netflix.

Take-Two shares were inactive at $10.87 premarket. The stock has fallen 20% year-to-date.

Intraday Data provided by SIX Financial Information and subject to terms of use.
Historical and current end-of-day data provided by SIX Financial Information.
All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only.
Intraday data delayed at least 15 minutes or per exchange requirements.